Warning in the "Results" tab for RRSP - Line 20800 (federal)The MaxBack analysis reads "The RRSP deduction that you are claiming on your federal return exceeds the amount of deduction needed. You can limit this year's RRSP claim to avoid wasting the deduction" This is simply a warning message that will not prevent you from submitting your return via NETFILE.
The warning symbol indicates that the RRSP deduction that you are claiming exceeds the amount of deduction you need to reduce your taxes payable to zero.
You might want to limit your RRSP claim to avoid wasting the deduction and to carry forward the undeducted amount. You can then use your undeducted amount for future years when it will be more advantageous for you.
To limit the RRSP deduction to use in the current year, please follow the steps below:
1- On the "Left side menu of the Interview tab", select "RRSP contributions, limits".
2- In the section "RRSP or PRPP/VRSP deduction to use in 2021", go to the line "RRSP or PRPP/VRSP deduction to use (leave blank to use all your contributions as a deduction)", enter an amount. Click "Next" at the bottom of the page.
3- Click the "Review" tab at the top of the page. Once on the "Review" page, click on the "Messages" section on the left side of the screen to view the messages and if you have the following message: "The RRSP deduction that you are claiming on your federal return exceeds the amount of deduction needed. You can limit this year's RRSP claim to avoid wasting the deduction".
If you still get the same warning, enter a different amount by following the previous steps.
Repeat the same procedure until you do not see the message anymore. This will give you an idea of the RRSP deduction you should use for the year with the corresponding impact on your net refund.
Your unused RRSP / PRPP contribution will be carried over by the program to Part D of Federal Schedule 7.
In addition, you could view the carried over amount for your RRSP by choosing the "Tax Return" tab and in the left column choose "Summary of carryforward amount" and the "RRSP Undeducted premiums" line, you will see the amount carried over.
ID: 20210802114801NA.xml
Webpage: KPA385-20210802114801NA.htm